6th Jun 2007 15:21
Japan Residential Inv. Co. Ltd06 June 2007 Japan Residential Investment Company Limited - Notice of Investment Activity Japan Residential Investment Company (the "Company") is a closed-ended Guernseyregistered company established to make and hold investments in residentialproperty in Japan. In October 2006 the Company raised £100 million (beforeexpenses) in conjunction with an application to have its entire issued sharecapital admitted to trading on AIM ("Admission"). The purpose of thisannouncement is to update investors on the progress made in terms of investingthe money raised at the time of Admission. The Company, through firms in which it has beneficial ownership (referred tocollectively as the 'Fund') has completed the purchase of 21 properties inYokohama, Nagoya, Sapporo, Osaka, Kobe, and Sendai as well as central andsuburban Tokyo with a value of approximately £73.7 million. Furthermore, theFund has entered into contracts to acquire a further 4 properties with a valueof approximately £21.6 million. In addition, agreement has been reached with sellers on the commercial terms,subject to completion of due diligence, in respect of 3 further properties, witha value of approximately £8.4 million. Each of the properties is made up of a number of individual residential unitsdetails of which are set out below. All of these properties have been purchasedon expected stabilised net yields of between 4.0% to 6.5%. The InvestmentAdvisor, KK Halifax Asset Management believes that the Company will be fullyinvested within 12 to 18 months of Admission. Summary No. of Units Net Rentable Area Total acquisition price properties (sq m)Completed 21 933 29,287.72 JPY 17.83 billionContracted 4 383 8,990.93 JPY 5.21 billionLetters of Agreement 3 102 4,405.41 JPY 2.04 billionTotal 28 1,418 42,684.06 JPY 25.08 billionGBP approximate equivalent GBP 103.7 million In addition, the Fund is pleased to announce the undertaking of a bridge loan inthe amount of JPY 5.0 billion (£20.7 million). This secured loan has aninterest rate of 2.07% and will support the borrower's acquisitions during thearrangement of permanent debt financing. Exchange rate applied: JPY 241.875 = GBP 1 as at 4 June 2007. EnquiriesK.K. Halifax Asset Management Alec Menikoff +81 (0)3 5408 8784Fairfax I.S. PLC John Korwin-Szymanowski +44 (0)20 7460 4376 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JRIC.L